How to make a deal like this work?

[Andrew Varney]

Hey BP,

I've come across a seller with a portfolio of cashflowing properties. He has seven separate properties (each a duplex or triplex) priced between $250 - $280K. Four of the seven would have solid cashflow and are in a growing community / region so I feel comfortable with potential for future appreciation as well. I have enough cash on hand that I could afford one of them with the standard 25% down down for small multi-family, but couldn't afford more than that. If you wanted to explore picking up all four, what would you explore?
- Long term seller financing?
- Seller financing for a short period with the expectation to refi out over the next couple of years if the seller wants more up-front capital?
- Could a commercial loan cover multiple small-multi properties instead of a true 5+ multifamily?
- Could a portfolio lender offer one large loan for all four properties?
- Portfolio lender offering four separate loans, one for each property, with 5-10% down on each?

Are any of the above worth looking into, or do you have suggestions on how to eat this elephant?

ASV